Posted by Bradford Miller Law, P.C. - Experienced in Real Estate, Landlord Tenant Law, and Estate Planning. Visit us online at http://www.bradfordmillerlaw.com/.
Closing costs for Buyers can be hard to estimate because so many factors are involved. The type of loan for example makes a big difference. However, generally speaking, a Buyer can expect to pay around 3-4% of the sale price for closing costs. Again, every transaction is different so this is only a general estimate.
Unlike Sellers, Buyers do not have to pay any Realtor commissions. So, if you are a Buyer, I strongly suggest working with a Realtor - because you will be able to utilize their knowledge and experience for free.
What type of closings costs are there for Buyers? Here are some of the more common fees and expenses that Buyers will have to pay.
-Appraisal Fee
-Application Fee (for Lender)
-Other lender related fees (such as lender direct fees or commitment fees)
-Pre-paid mortgage interest
-Pre-paid county property taxes
-Settlement/closing fee (to Title Company)
-Title insurance and endorsement fees
-Handling, messenger, fedex fees
-Recording fees
-Transfer taxes (State, County and City)
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Saturday, February 27, 2010
Sunday, February 7, 2010
What if a Buyer walks away before the closing?
What if the Buyer walks away before the closing?
If all of the contingency deadlines have passed (attorney approval, inspection, mortgage comittment date, etc), a Seller may be able to retain the Buyer's earnest money as a penalty. However, it depends on the individual facts at the time the Buyer walks away.
Bradford Miller Law, P.C. is a Chicago based law firm experienced in real estate transactions. If you are buying or selling a home, contact Attorney Bradford Miller at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
If all of the contingency deadlines have passed (attorney approval, inspection, mortgage comittment date, etc), a Seller may be able to retain the Buyer's earnest money as a penalty. However, it depends on the individual facts at the time the Buyer walks away.
Bradford Miller Law, P.C. is a Chicago based law firm experienced in real estate transactions. If you are buying or selling a home, contact Attorney Bradford Miller at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Sunday, January 24, 2010
Timeline from the Buyer's point of view
Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
Although every transaction can be different, this is a general timeline from the Buyer's point of view.
1. You make an offer and the Seller accepts it.
2. You immediately call an Attorney and fax or email the contract to their office.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, you may ask the Seller to have the items repaired or a monetary credit given. However, please note that the Seller does not have to comply with your requests and at that point you may have the option to cancel the contract and have the earnest money returned to you.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. If you are taking out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, often after the Attorneys come to an agreement on all terms, an additional amount of earnest money is given to the office of the Seller's Realtor who puts it in an escrow account.
7. A "final walk-through" takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, this timeline typically takes around 60 days to complete but every transaction is different. Deadlines sometimes need to be extended for one reason or another.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Although every transaction can be different, this is a general timeline from the Buyer's point of view.
1. You make an offer and the Seller accepts it.
2. You immediately call an Attorney and fax or email the contract to their office.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, you may ask the Seller to have the items repaired or a monetary credit given. However, please note that the Seller does not have to comply with your requests and at that point you may have the option to cancel the contract and have the earnest money returned to you.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. If you are taking out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, often after the Attorneys come to an agreement on all terms, an additional amount of earnest money is given to the office of the Seller's Realtor who puts it in an escrow account.
7. A "final walk-through" takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, this timeline typically takes around 60 days to complete but every transaction is different. Deadlines sometimes need to be extended for one reason or another.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Sunday, November 1, 2009
Why do I need an Attorney when I am selling my home?
Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
It is extremely important that you hire an experienced Chicago real estate attorney when you sell your home. Clearing up title issues, drafting closing documents, ordering payoff for your mortgages, and fixing any survey, zoning and water certification issues are just some of the tasks we would perform on behalf of a Seller.
Our fee for a Seller's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
It is extremely important that you hire an experienced Chicago real estate attorney when you sell your home. Clearing up title issues, drafting closing documents, ordering payoff for your mortgages, and fixing any survey, zoning and water certification issues are just some of the tasks we would perform on behalf of a Seller.
Our fee for a Seller's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Why do I need an Attorney when I am buying a home?
Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
For most people, buying a home will probably be the biggest purchase they ever make. In a typical real estate contract, there are many provisions that can greatly impact the Buyers rights and obligations. There are also many deadlines that are extremely imporant. For example, if you are not able to secure a mortgage within the time period, you could end up losing your earnest money or even get sued.
Our fee for a Buyer's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are buying a home, contact us right away at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
For most people, buying a home will probably be the biggest purchase they ever make. In a typical real estate contract, there are many provisions that can greatly impact the Buyers rights and obligations. There are also many deadlines that are extremely imporant. For example, if you are not able to secure a mortgage within the time period, you could end up losing your earnest money or even get sued.
Our fee for a Buyer's closing is only $400 and there is no fee unless the transaction closes.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are buying a home, contact us right away at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
Sunday, October 25, 2009
Typical timeline from the Seller's point of view
Although every transaction can be different, this is a general timeline from the Seller's point of view.
1. There is an offer for the property. Your Realtor receives earnest money from the Buyer.
2. When you receive an offer (or even before) you should immediately call an Attorney and fax or email the contract to their office. It is important to get the Attorney involved right away because there are deadlines that begin to run.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, usually after the Attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor's office who then puts it into an escrow account.
7. The final walk-through takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
1. There is an offer for the property. Your Realtor receives earnest money from the Buyer.
2. When you receive an offer (or even before) you should immediately call an Attorney and fax or email the contract to their office. It is important to get the Attorney involved right away because there are deadlines that begin to run.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, usually after the Attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor's office who then puts it into an escrow account.
7. The final walk-through takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
The law firm of Bradford Miller Law, P.C. is experienced in real estate law. If you are selling your home, contact us right away at 312-238-9298. It is important that you hire an Attorney BEFORE you sign a contract.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
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